New FHA Guidelines

620 fico – DTI’s allowed up to AUS maximum 56.99% approved eligible!!!
580 fico – DTI’s allowed up to 40/50 with compensating factors!!!

chart

USDA Streamline Assist
Now Available at NORTHSTAR FUNDING INC

NORTHSTAR FUNDING INC Offers USDA Streamline Product: ‘Streamline Assist’

Don’t forget NORTHSTAR FUNDING INC now offers the USDA Streamline Assist product. Take a look at let us know how we can use this product to benefit you and your borrowers.

PROGRAM HIGHLIGHTS

  • Min 600 FICO
  • Subsidy recapture must be paid with other funds or subordinated to the new guaranteed loan
  • Max loan amount may include P&I balance of existing loan, eligible loan closing costs, funds necessary to establish tax and insurance escrow account and upfront guarantee fee
  • Borrower must receive a tangible net benefit to refinance under this option
  • Existing loan must have closed 12 months prior to request for refi
  • Borrower not required to meet all credit requirements as outlined in  10 of USDA Handbook. However, existing mortgage must be paid as agreed for the 12 months prior to application for a streamlined-assist refi
  • Borrowers may be added but not removed from current loan
  • Borrower not required to meet repayment provisions as outlined in  9 of USDA Handbook
  • GUS may not be utilized and all loans must be manually underwritten
  • Streamline-assist Refi:  new appraisal not required for existing guaranteed loan borrowers

For more details, Contact Joseph Pisa to learn more about this exciting loan product.